The Federation of Thai Industries (FTI), in collaboration with the Embassy of Sri Lanka, has organized an Investment Promotion Event in Thailand entitled “Invest in Sri Lanka – Now is the Time”. The initiative aims to stimulate trade and investment between the two nations.
Presiding over the event were His Excellency Ali Sabry, the Minister of Foreign Affairs of Sri Lanka, and FTI Chairman Kriengkrai Thiennukul.
Kriengkrai disclosed that the trade value between Sri Lanka and Thailand was US$352 million in 2022, with key trading commodities including textiles, spices, gems and machinery parts. He underscored that Sri Lanka is currently recovering from an economic crisis, with the issue of inflation still being addressed.
Sri Lanka is also transitioning to a sustainable economic model, aligning with the Bio-Circular-Green (BCG) model that Thailand is implementing, making the country an attractive destination for investment.
Minister Ali noted that Sri Lanka is ranked as the most liberalized economy in South Asia and is the fastest-growing ICT hub in the region. He highlighted the nation’s robust education system, which has produced a large number of business professionals.
Additionally, the minister acknowledged Sri Lanka’s strategic geographic location, suggesting that it could serve as a gateway connecting South Asia and the Middle East. Colombo, the nation’s capital, holds the potential to facilitate trade transportation to massive markets like India.
The sixth round of the Sri Lanka-Thailand Free Trade Negotiations is set to take place next month in Bangkok, with expectations for the agreement to be finalized by 2024.
In other developments, Minister Ali met with Thai Prime Minister and Defense Minister Gen Prayut Chan-o-cha during a recent visit to Thailand to attend the BIMSTEC Foreign Ministers’ Retreat. As BIMSTEC chair, Thailand is actively collaborating with all Member States to realize their shared PRO BIMSTEC vision, encompassing economic, security and participatory dimensions. (NNT)
